UAE News Today : Politics

GPSSA describes ways to continue years of service without interruption

He General Pension and Social Security Authority (GPSSA) has called on insured Emiratis to improve their retirement decisions and take advantage of insurance benefits by exploring three available options before deciding to terminate their employment contract.

The first option is to take advantage of the conditions underlined in the “Shurak“Project, which was presented by the GPSSA for people whose employment services have ended after July 2023.

The second opportunity is to take advantage of the benefits of transferring jobs between government authorities affiliated with the GPSSA according to him UAE Pension Law. The third option includes benefiting from the “insurance benefit sharing system between pension funds operating in the UAE” under Cabinet Resolution No. 46 of 2019.

As part of GPSSA’s”finish it well“Awareness campaign and the controls and provisions established by the UAE Pension AuthorityIt is important to be aware of projects that allow insured persons to move from one employer to another while maintaining their end-of-service benefits without the need to incur additional costs to merge years of service when moving to a new job.

ShurakThe main objective of is to help insured Emiratis be entitled to receive the largest amount of pension possible upon completing the necessary period without the need to bear any merger-related costs.

Shourak is only intended for employees working at GPSSA-registered entities.. If the entity is not registered, there are other options that insured Emiratis can pursue, including “the system for exchanging insurance benefits between pension funds operating in the UAE.”

The foreign exchange insurance benefit system includes all or some pension authorities subject to the UAE Pension Law along with their pension conditions, whether changing jobs from a federal to a government sector or from military to civil service, or vice versa. The process is governed and dependent on the human resources regulations of each emirate, making it one of the most important and beneficial features available in the UAE Pension Law.

However, the insurance benefit exchange system is only applicable if the insured’s entity is registered with a UAE-based pension fund and the insured has been transferred after a decision was made by a competent authority subject to the system.

Insured persons must be fully aware of the mechanisms for exchanging benefits and the costs of the fund, calculated on the basis of the end-of-service bonus for the previous contribution period for the insured person who transfers jobs, which give rise to a pension right. or gratification.

The insured must also know the total amounts paid if he or she is not entitled to a pension or end-of-service bonus. Additionally, suppose the transfer is based on an entity’s request; In that case, they are obliged to pay the financial differences, which are calculated on the cost of adding the previous period of service and the transfer cost, differences that are calculated in accordance with the provisions of the system to which they are transferred.

The procedures involved in the transfer and exchange of insurance benefits must be completed no later than six months from the date of the specified transfer decision.

News source: Emirates News Agency

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